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01/26/2012 at 02:08PM PST
We’ve seen a scam e-mail regarding Intuit tax information floating around today. This e-mail was not sent or authorized by Intuit. If you ever wonder whether an e-mail from Intuit is real or fake, please refer to the link below.

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http://security.intuit.com/security-alerts.php
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11/03/09 8:16pm PST
Viewed by asker 11/03/09 11:17pm PST

How do I enter partnership basis information on k1 into a 1040?

I have a partnership with negative basis with heavy losses and low income tax credits over a period of 2004-2008.  Client wants me to amend all the returns, but I understand that b/c the basis is negative they cannot realize the losses.  I don't see any place in my PS 2004 software K1 worksheet to enter this (I don't see any place in the 08 version either)

I have entered all the data, but b/c the basis is missing results will not be correct.

I see you can enter this information on the final k1 (disposition worksheet) but none of these years are finals, obviously.

Thanks!

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11/03/09 8:25pm PST
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The solution

There is no place for basis on the k-1 w/s, only the 6198 for at-risk basis. You should keep a free-standing basis w/s and carry it forward into every year's file for future reference.

If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
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